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Saturday, April 20, 2024

Analysis: How much more will Lanark residents pay in income taxes?

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Lanark residents will have to pay $1,781,168 more in state income taxes if Gov. J.B. Pritzker's proposed tax hike is to generate the $10.3 billion in additional tax revenue that he has promised, according to a NW Illinois News analysis of Illinois Department of Revenue data.

Pritzker claims the additional tax revenue will "eliminate the budget deficit."

The city in Carroll County that will be the most affected by Pritzker's proposal is Savanna, with residents expected to pay an additional $1,806,445 in income taxes -- approximately $1,364 per person in the labor force. Chadwick will pay only $628,016 more -- approximately $2,166 per person in the labor force in comparison, the least among Carroll County cities.

The following table shows how other cities in Carroll County are affected.

How much more will residents from Carroll County pay on the proposal?

CityTotal Expected Income Tax burdenTotal IncreasePer Person Increase
Savanna$4,610,063$1,806,445$1,364
Lanark$4,545,555$1,781,168$2,086
Mount Carroll$3,876,077$1,518,834$2,086
Milledgeville$2,204,833$863,960$1,606
Shannon$1,943,360$761,502$2,207
Thomson$1,815,065$711,230$2,951
Chadwick$1,602,702$628,016$2,166

Per person increases have been calculated using the most recent data about people in the labor force as provided by the U.S. Census Bureau's ongoing American Community Survey.

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